Income Tax
This query is : Resolved
sankalp Dehury
(Querist)
12 May 2011
Dear Sir,
I need to make the Provision for Income Tax on 31st march 2011.
I have paid the advance tax less than that required. so Now I will make the tax provision only for tax or tax Plus 234C interest.
Kindly anyone advice me.
Sankalp
I need to make the Provision for Income Tax on 31st march 2011.
I have paid the advance tax less than that required. so Now I will make the tax provision only for tax or tax Plus 234C interest.
Kindly anyone advice me.
Sankalp
12 May 2011
If actually know that you have paid short adv tax... then better to calculate the difference today itself & pay it off the difference. This way you can avoid the interest for further months.
12 May 2011
Regarding provision of income tax : It should be made as per calculations till 31st march.
12 May 2011
Provision will be made for Total Tax Payable including interest. And will be reflected in Liabilities Side under Provisions.
Advance Tax Paid and TDS Receivable will be shown in Assets side under Loans & Advances.
When the assessment is completed Provision will be adjusted against the Advance Tax, TDS Receivable and Self assessment Tax Paid.
Say Total Tax Liability is Rs 100 and you have paid Rs 50 as advance tax still you will make prov for Rs 100.
Advance Tax Paid and TDS Receivable will be shown in Assets side under Loans & Advances.
When the assessment is completed Provision will be adjusted against the Advance Tax, TDS Receivable and Self assessment Tax Paid.
Say Total Tax Liability is Rs 100 and you have paid Rs 50 as advance tax still you will make prov for Rs 100.
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